A Blockchain-based social media platform is explained, along with concerns about traditional social networking platforms when Blockchain is incorporated. Moreover, the evolution of the crypto world with its markets, services, and converters makes it logical to continue with crypto social media and networks.
Blockchain technology offers so much scope that you can learn blockchain development skills and create decentralized applications to become part of the blockchain ecosystem.
You can learn Blockchain through online classes, certificate courses, free codecasts, and many more. The term ‘Blockchain’ was coined in 2008 by the mysterious Satoshi Nakamoto, who published a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. In it, Nakamoto stated that “the root problem with current digital currency is that all transactions are broadcast to all users, which requires all users to trust one another. A well-designed system should ensure double spending is not possible and require no trusted third party.
What is Blockchain Social Media?
As technology development and freedom of expression are increasingly being debated among the blockchain community, it has emerged that Blockchain is the viable solution. The social media platform has always been the first step towards building a social network. The blockchain technology platform is now widely attracting public attention around the world. Blockchain is a simple decentralized network for creating applications and developing smart transactions.
SOCIAL MEDIA PLATFORMS ASSOCIATED WITH TRADITIONAL CONCERNS
There has been a lot of news coverage about social media threats in the recent past. Traditionally, social media platforms have been under the spotlight due to their privacy and security concerns.
There is no doubt that social media have changed the way we communicate. Yet, they have complete control over their users’ data, so they can control any business that operates a centralized social network and tracks user activity on its servers. Additionally, such platforms sell aggregated information so that the highest bidder can effectively target advertisements and marketing. Since Facebook, Whatsapp, Twitter, and other platforms are centralized, their users’ content is very easily exploited.
How Does Blockchain Contribute to social media?
Centralized social media platforms lack many things. Therefore, Blockchain provides solutions for overcoming these challenges. We need to understand some basic concepts to create a better social media network.
- Open-source code: Blockchain technology allows keeping an open-source code. In this way, the data algorithms can be inspected.
- Decentralized control: Decentralization can be achieved using blockchain technology. It will allow companies and governments to take no action because no centralization will occur through the network.
- Democratic decision: An ideal democratic system would be in the interest of everyone. Hence, why shouldn’t social media also adapt to the network structure to allow democratic decision-making? A social media network could be split into as many as bitcoin, Linux, and Ethereum if this goal isn’t achieved. All of them have multiple Y-shaped versions.
- Explainable AI: The application of explainable Artificial Intelligence (AI) to social networks, resulting in blockchain networks, could be a significant step toward digital transformation. However, a detailed explanation of its reasons accompanies every judgment in this system.
What Are Decentralized Social Networks & Their Benefits?
Let’s understand decentralized social networks to understand blockchain social media better. The blockchain social network category includes many decentralized social networks. Here, the data is not under controlled by a central authority or Govt organization. The user will only be served data at their request, i.e., under their wishes. However, a high degree of security is provided by storing data on different servers independently.
Any business can operate a centralized social network through its servers. The decentralization of computing has now made it possible to store data anywhere in the world. Users will have more control and transparency because data won’t be stored in a centralized network.
Benefits of Decentralized Social Platform
The topic of decentralization in social media platforms has been discussed much, but why do we prefer it? The following are some of its features:
- It is possible to prevent unethical usage of users’ data with decentralized networks.
- Data security and privacy are ensured through blockchain technology, which uses cryptography to protect user interactions.
- Freedom of expression is achieved since there is no central authority controlling the use of data. Therefore, users can decide what to publish and what not to publish.
- A major application of blockchain technology is cryptocurrency, which helps in crowdfunding and has a lot of potential for the future.
- The drawback of the current trending social media platforms is content moderation, which Decentralized social networks overcome. Thus, using a blockchain-based social media application has this major advantage. Furthermore, the open-source nature of the software enables more efficient moderation and sharing of content because of the creation of private servers.
Best 6 Blockchain Social Networking Platforms
We have already learned that Blockchain-based social media platforms have many benefits. Listed below are some block chain-based platforms that can replace the most popular social media platforms we use daily.
- WhatsApp – Signal
- Facebook – Minds, Diaspora, MeWe
- YouTube – Minds, LBRY, D.Tube, PeerTube
- Instagram – Karma (Mobile-only app)
- Reddit – Aether
- Twitter – Mastodon
Although the list isn’t exhaustive, many more social media platforms are available right now, and many more are in the development stages. When compared with centralized social networks, they have some exciting advantages and provide a high level of security.
The Blockchain-Based Future Application
Many challenges are associated with technology and social media, making it difficult to predict success. This platform may face challenges related to user adoption, ownership-accountability, and competition from large social media platforms already in existence. With decentralized applications, some uncertainties can be overcome. It is only possible to accomplish and require the following things with blockchain-based applications in digital technology.
- Blockchain-based applications place the interests of users ahead of business interests. This means that the users will soon control these applications.
- The increasing adoption of financial services is another significant change that can be included in decentralized applications. However, transactions could be made globally using this technology.
- Blockchain consensus algorithms will provide more security in all decentralized applications.
There is also the possibility that blockchain technology could take over the social media platform since it is booming in every sector.
